FSH FishWorks

    RNS Number : 3663E
  FishWorks plc
  25 September 2008
   
    Disposal of Channel Fisheries LTD
    September 2008
    The Board of Fishworks ("The Company") is pleased to announce that it has completed the disposal of Channel Fisheries Limited ("Channel
Fisheries"), its wholly owned fish supply business for a total cash consideration of up to �1.1 million. 
    The company also announces the successful disposal of its premises in Parsons Green, London. A premium of �100,000 was achieved for the
assignation of the lease.  This concludes the sales of sites previously impaired in the January 2008 interim results.
    Channel Fisheries was disposed of for a total consideration of up to �1.1 million comprising of �150,000 cash, �406,500 of deferred
consideration and an earnout of �556,000.  Profit before tax was �89,292 for Channel Fisheries for the year ending 31st July 2008. Net
assets stood at �467,564 for the corresponding period.
    The disposal of Channel Fisheries will allow the Group to focus on its core activity of restaurant operations and the proceeds of the
sale will principally be received in the form of debt forgiveness and improved discounts against future purchases. These enhanced terms will
assist with margin improvement within the Company.  
    Paul Goodale, Chief Executive of FishWorks, said:
    "The sale of Channel Fisheries and the disposal of Parsons Green reflect the strategy previously outlined in the interim results and
enables FishWorks to focus on the business of running larger scale restaurants.  
    Fishworks has agreed a supply relationship with the new owners of Channel to ensure the continued provision of premium fresh fish,
sourced from sustainable stocks with the highest level of provenance as always associated with Channel Fisheries."  
    Enquiries:

 FishWorks plc
 Paul Goodale, CEO               020 7355 0366
 Stephen Easthope, Finance
 Director

 Cenkos Securities plc           020 7397 8900
 Nicholas Wells



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